Momo Announces Unaudited Results for Q2 2018

Momo has announced its unaudited financial results for the second quarter of 2018.

Net revenues increased 58% year-on-year to $494.3 million, while net income attributable to Momo increased to $117.8 million from $60.8 million in Q2 2017.

Non-GAAP net income attributable to Momo increased 90% to $140.2 million in the second quarter of 2018, up from $73.8 million in the same period last year.

Diluted net income per ADS was $1.18 for the first half of 2018, and non-GAAP diluted income per ADS was $1.35.

“I am glad that we delivered another solid quarter. Our community continued to grow with healthy engagement trends, thanks to our consistent endeavors to drive product innovation and content enrichment,” said Yan Tang, Chairman and CEO of Momo.

“Our live streaming business continued to grow robustly.  In addition, value-added service revenues for the Momo app more than doubled from a year ago, demonstrating Momo’s monetization potential as a social platform.

“Tantan officially joined our family in the second quarter of 2018 and started to contribute to our social ecosystem and topline growth. Together we will be pushing forward our strategic priorities and solidifying our leadership in China’s open social territory”

Momo stock fell earlier in the summer after a Spruce Point Capital report claimed that investors were not researching their moves in the same depth as they would with an American company.

At the time of writing, shares are valued at $40.49.

Read more here.